Weekly Analysis For Gold, Oil and Silver.
Gold weekly Review
During the previous week ending 9th September 2016, the corrective wave (b) traded long as previously forecasted but could not go beyond the end of the truncated wave 5. We expect the current downward rally to be the unfolding of the motive wave (c) towards $1253. A clear breakout below this target may push the pair further to the lower side but should not go beyond $1211. Expect a similar price action in Silver. Silver and Gold have a strong positive correlation and will have a similar price action during this intraday. ideally, gold is the leading commodity and it drags silver along with it.
Expect a possible bearish price rally towards $1253.
Silver weekly Review
As previously forecasted, we still expect to continue short with the impulsive wave (a) and should break below the immediate trend line. However, instead of selling wave (a) immediately, we sit on the sidelines and wait for a clear break below this trend line and then a retracement towards it to give us low risk sell opportunities. Ideally, the anticipated downward rally should be the completion of the impulsive wave (c) towards $16.17 or even lower. This downward rally is highly anticipated since Gold, a positively correlated commodity, is pretty much bearish and will likely trade on the lower ranges during this week.
Wait for a clear breakout below the trend line to go short with an ideal target at $16.17.
OIL weekly Review
As previously expected, the corrective wave 2 could not go beyond the beginning of wave 1. We expect the current downward rally to be the unfolding of the impulsive wave 3 and should be extensive in nature. Ideally, this wave should stall around the 50.0 Fib level but should not go beyond 61.8 Fib level. A clear breakout out below the 61.8 Fib level may push the price further to the lower side but should not go beyond. This view can only be invalidated incase the commodity clearly rebound from the 50.0 Fib Level.
Expect a possible bearish price movements towards 50.0 Fib level